Oil prices are on track for their biggest weekly decline since late June ahead of the weekend OPEC+ meeting, which is expected to restore more idled supply, heightening concerns about oversupply. Brent is hovering around $64/barrel (down 8% on the week), while WTI is below $61.
The producer alliance will meet online on Sunday to decide on November output and could discuss accelerating supply increases to regain market share. Early signs of a global glut are emerging in the Middle East, while the IEA predicts oversupply will swell to a record next year as OPEC+ production returns. Some Wall Street banks even project Brent to fall into the $50s.
According to a Bloomberg survey, OPEC raised production by 400,000 bpd in September, continuing the rollback of its 2023 cuts; Saudi Arabia is adding supply within its quota. JPMorgan sees September as a turning point toward a large surplus. At 8:26 a.m. Singapore time, December Brent crude rose 0.2% to $64.24 after falling 1.9% Thursday, and November WTI crude gained 0.2% to $60.62. (ads)
Source: Bloomberg
https://www.newsmaker.id/index.php/en/market-news/commodity/oil/99020-opec-sights-sight-oil-slumps